Madrigal Pharmaceuticals (NASDAQ:MDGL) Shares Gap Up After Strong Earnings

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $215.93, but opened at $245.66. Madrigal Pharmaceuticals shares last traded at $244.25, with a volume of 231,826 shares traded.

The biopharmaceutical company reported ($4.92) EPS for the quarter, beating analysts’ consensus estimates of ($6.94) by $2.02. The company had revenue of $62.18 million during the quarter, compared to the consensus estimate of $34.60 million. During the same quarter in the prior year, the company posted ($5.34) EPS.

Analyst Upgrades and Downgrades

MDGL has been the topic of several recent analyst reports. UBS Group lifted their price objective on shares of Madrigal Pharmaceuticals from $411.00 to $441.00 and gave the stock a “buy” rating in a research note on Friday. JMP Securities boosted their price target on shares of Madrigal Pharmaceuticals from $381.00 to $385.00 and gave the company a “market outperform” rating in a report on Tuesday, July 16th. HC Wainwright reaffirmed a “buy” rating and set a $390.00 price objective on shares of Madrigal Pharmaceuticals in a research note on Tuesday, October 22nd. Cantor Fitzgerald reissued a “neutral” rating on shares of Madrigal Pharmaceuticals in a research note on Friday, October 11th. Finally, Citigroup dropped their price target on Madrigal Pharmaceuticals from $382.00 to $371.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $344.33.

Insider Activity at Madrigal Pharmaceuticals

In other news, CEO William John Sibold sold 6,363 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $243.83, for a total transaction of $1,551,490.29. Following the completion of the transaction, the chief executive officer now directly owns 55,887 shares in the company, valued at $13,626,927.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 22.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Madrigal Pharmaceuticals

Several large investors have recently made changes to their positions in MDGL. First Horizon Advisors Inc. increased its holdings in Madrigal Pharmaceuticals by 1,633.3% during the second quarter. First Horizon Advisors Inc. now owns 104 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 98 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Madrigal Pharmaceuticals by 36.8% in the 2nd quarter. Signaturefd LLC now owns 145 shares of the biopharmaceutical company’s stock valued at $41,000 after purchasing an additional 39 shares during the period. EntryPoint Capital LLC acquired a new stake in Madrigal Pharmaceuticals in the 1st quarter valued at about $41,000. Nisa Investment Advisors LLC grew its holdings in Madrigal Pharmaceuticals by 47.6% during the third quarter. Nisa Investment Advisors LLC now owns 211 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 68 shares during the period. Finally, Quest Partners LLC increased its position in Madrigal Pharmaceuticals by 5,225.0% during the second quarter. Quest Partners LLC now owns 213 shares of the biopharmaceutical company’s stock worth $60,000 after buying an additional 209 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Madrigal Pharmaceuticals Stock Performance

The business has a 50-day simple moving average of $227.40 and a two-hundred day simple moving average of $242.64. The company has a current ratio of 8.72, a quick ratio of 8.67 and a debt-to-equity ratio of 0.14.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.